China's inflation is at a five-year low, and pigs may be playing a big part in the concern over deflation.
According to The Wall Street Journal, pork prices are given a weight of about 10-15% when measuring China's consumer price index and inflation level.
Since pork prices fell 4.3% last year, this could be a key reason consumer inflation has been surprisingly low, at an average of 2% for 2014. Other causes include falling oil prices and a slowed housing market.
The article connects the decline in pork prices with Chinese President Xi Jinping's campaign against corruption and extravagant spending. Households are cutting down on pork, which is a large part of the Chinese diet.
“What’s different this time around is that the government’s [anti-extravagance] campaign has changed pork consumption and thus the cycle of pork prices,” economist Zhou Hao told The Journal. "Things are different now. I just don’t see any signs of recovery in pork prices any time soon."
Read more on the trend here at WSJ >>
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